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Structural Model of the Influence of Corporate Fundamental Factors on Market Value: A SEM-PLS Approach on LQ45 Companies Sadikin, Taufik
Almana : Jurnal Manajemen dan Bisnis Vol 9 No 2 (2025): August
Publisher : Bandung: Prodi Manajemen FE Universitas Langlangbuana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36555/almana.v9i2.2898

Market value reflects investor perceptions of a firmâ€™s financial condition and future prospects. However, in emerging markets like Indonesia, discrepancies often occur between strong financial fundamentals and actual market valuation. This study aims to develop a structural model that analyzes the influence of fundamental financial factors on market value, with Return on Assets (ROA) as a mediating variable. The research was conducted on 15 companies, consisting of both non-financial and banking firms, consistently listed in the LQ45 Index during the 2021â€“2023 period. Secondary data were collected from audited financial statements and analyzed using a quantitative approach through Partial Least Squaresâ€“Structural Equation Modeling (PLS-SEM). The results indicate that CAPEX, DER, FATA, SIZE, and WCTO simultaneously affect ROA with an RÂ² value of 0.577. Partially, CAPEX has a significant positive effect, while SIZE and WCTO show significant negative effects on ROA. DER and FATA are not statistically significant. Furthermore, ROA positively affects PBV; however, it only explains 2.2% of the variance (RÂ² = 0.022). These findings suggest that market value is not solely driven by internal performance, highlighting the importance of incorporating external and qualitative factors in future valuation models.

Financial Behavior: Menilai Peran Literasi Keuangan Dan Penggunaan E-Wallet Pada Mahasiswa Anggia, Dimas; Sadikin, Taufik; Johan, Ahmad
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 7 No. 5 (2026): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/msej.v7i5.11027

The rapid development of digital financial technology has significantly transformed consumption behavior, particularly among university students as a highly adaptive group to technological advancements. The emergence of e-wallets, supported by transactional convenience and promotional incentives, has the potential to increase consumptive behavior, while financial literacy is theoretically expected to act as a control mechanism. However, the inconsistency between financial knowledge and actual behavior indicates a behavioral gap that requires further investigation. This study aims to examine the effect of financial literacy and e-wallet usage on students’ consumptive behavior. A quantitative approach with descriptive and verificative designs was employed, using questionnaire data collected from 110 respondents and analyzed through multiple linear regression. The results indicate that financial literacy is categorized as good, e-wallet usage is high, and consumptive behavior is moderately high. Partially, financial literacy does not have a significant effect, whereas e-wallet usage has a positive and significant effect on consumptive behavior. Simultaneously, both variables have a significant effect with a coefficient of determination of 19.5%. These findings highlight the dominant role of financial technology over cognitive factors and reinforce the existence of a knowledge–behavior gap.

Pengaruh Debt to Equity Ratio (DER) dan Return on Assets (ROA) terhadap Harga Saham Perusahaan Pada Sub Sektor Minyak dan Gas di Bursa Efek Indonesia Periode 2020–2024 Ghifari Jihad Rabbani; Soritaon Soritaon; Taufik Sadikin
RIGGS: Journal of Artificial Intelligence and Digital Business Vol. 5 No. 2 (2026): Mei-Juli
Publisher : Prodi Bisnis Digital Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/riggs.v5i2.8779

Penelitian ini bertujuan untuk menganalisis pengaruh Debt to Equity Ratio (DER) dan Return on Assets (ROA) terhadap harga saham pada perusahaan subsektor minyak dan gas yang terdaftar di Bursa Efek Indonesia selama periode 2020–2024. Penelitian dilatarbelakangi oleh karakteristik industri minyak dan gas yang membutuhkan investasi besar, memiliki risiko operasional tinggi, serta sangat dipengaruhi fluktuasi harga energi dunia dan kondisi ekonomi global. Kondisi tersebut menyebabkan investor cenderung memperhatikan struktur modal dan kemampuan perusahaan menghasilkan laba sebelum mengambil keputusan investasi. Penelitian menggunakan pendekatan kuantitatif dengan metode deskriptif dan verifikatif. Data yang digunakan berupa data sekunder yang diperoleh dari laporan keuangan tahunan perusahaan dan harga penutupan saham pada akhir periode pengamatan. Teknik analisis dilakukan menggunakan regresi data panel untuk menguji pengaruh variabel independen terhadap harga saham secara parsial maupun simultan. Hasil penelitian menunjukkan bahwa Debt to Equity Ratio (DER) tidak berpengaruh signifikan terhadap harga saham. Return on Assets (ROA) juga tidak menunjukkan pengaruh signifikan terhadap harga saham. Selain itu, pengujian simultan memperlihatkan bahwa DER dan ROA secara bersama-sama tidak berpengaruh signifikan terhadap harga saham perusahaan subsektor minyak dan gas. Temuan ini menunjukkan bahwa pergerakan harga saham lebih dipengaruhi faktor eksternal, sentimen pasar, harga minyak dunia, serta dinamika ekonomi global. Implikasi penelitian ini diharapkan dapat menjadi bahan pertimbangan bagi investor, manajemen perusahaan, dan peneliti dalam memahami faktor penentu harga saham sektor minyak dan gas, yang berkaitan dengan kondisi pasar, stabilitas ekonomi, dan kebijakan energi.

Pengaruh Return on Asset (ROA) dan Earning per Share (EPS) terhadap Harga Saham Danang Dwi Prasetyo; Ari Bramasto; Taufik Sadikin
RIGGS: Journal of Artificial Intelligence and Digital Business Vol. 5 No. 2 (2026): Mei-Juli
Publisher : Prodi Bisnis Digital Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/riggs.v5i2.9128

Penelitian ini bertujuan untuk menganalisis pengaruh Return On Asset (ROA) dan Earning Per Share (EPS) terhadap harga saham perusahaan sektor healthcare yang terdaftar di BEI periode 2021–2024. Metode deskriptif verifikatif dengan pendekatan kuantitatif digunakan. Data sekunder laporan keuangan tahunan dikumpulkan dari BEI. Populasi 38 perusahaan healthcare dengan 387 laporan keuangan. Purposive sampling menghasilkan 20 perusahaan sampel (80 observasi selama 4 tahun). Analisis menggunakan regresi data panel EViews 12. Pemilihan model melalui Uji Chow, Hausman, dan Lagrange Multiplier menetapkan Random Effect Model (REM) sebagai model terbaik. Uji asumsi klasik menunjukkan residual normal (Jarque-Bera prob=0,1896) dan bebas multikolinearitas (VIF<10). Hasil uji t parsial (α=5%): ROA tidak berpengaruh signifikan terhadap harga saham (t-hitung -0,3673 < t-tabel 1,991; prob=0,7144>0,05). EPS juga tidak berpengaruh signifikan (t-hitung -1,4627 < 1,991; prob=0,1476>0,05). Secara individual, koefisien ROA -0,9568 dan EPS -6,5088, namun keduanya tidak signifikan secara statistik. Temuan ini mengindikasikan bahwa pasar modal Indonesia periode pasca pandemi lebih responsif terhadap faktor non-keuangan. Koefisien determinasi R-squared 0,0447 menunjukkan ROA dan EPS hanya mampu menjelaskan 4,47% variasi harga saham. Sisanya 95,53% dipengaruhi faktor lain seperti rasio keuangan, makroekonomi, dan sentimen pasar. Kesimpulan: secara parsial ROA maupun EPS tidak berpengaruh terhadap harga saham perusahaan healthcare BEI periode 2021–2024. Implikasinya, investor tidak sebaiknya hanya mengandalkan kedua rasio tersebut dalam keputusan investasi saham.

PENGARUH CURRENT RATIO (CR) DAN RETURN ON EQUITY (ROE) TERHADAP RETURN SAHAM (STUDI PADA PERUSAHAAN SUB-SEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PADA PERIODE 2015-2024) Riyanti Novitasari; Taufik Sadikin; Muhamad Hidayat
Jurnal Ekonomi dan Manajemen Vol. 5 No. 2 (2026): Juni: Jurnal ekonomi dan Manajemen
Publisher : Asosiasi Dosen Muda Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56127/jekma.v5i2.2735

Tujuan penelitian ini adalah untuk mengkaji bagaimana Current Ratio (CR) dan Return On Equity (ROE) mempengaruhi Return Saham pada perusahaan manufaktur yang beroperasi di subsektor makanan dan minuman serta terdaftar di Bursa Efek Indonesia selama periode tahun 2015 hingga 2024. Metode yang digunakan adalah analisis analisis kuantitatif dengan panel regresi. Pengambilan sampel dilakukan dengan metode purposive sampling , yang menghasilkan 12 perusahaan terpilih dengan total 120 data pengamatan. Estimasi model terbaik dilakukan dengan menggunakan uji Chow dan uji Hausman , yang semuanya mengarah pada Fixed Effect Model (FEM) sebagai spesifikasi yang paling sesuai berdasarkan Uji Chow (prob. 0,0002) dan Uji Hausman (prob. 0,0005). Semua uji asumsi klasik terpenuhi. Hasil menunjukkan CR berpengaruh positif dan signifikan (prob. 0,0167), ROE berpengaruh positif dan signifikan (prob. 0,0001), dan secara simultan keduanya signifikan (prob. F = 0,0004). Adjusted R² = 19,47%, sedangkan 80,53% sisanya ditentukan oleh faktor-faktor lain di luar variabel-variabel yang dimasukkan ke dalam model.

Driving Nvidia’s Market Value: The Roles of ROA, Current Ratio, and Debt to Equity Ratio Aulia Rahman; Taufik Sadikin; Dudi Hendaryan
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2303

This study aims to examine the effects of Return on Assets (ROA), Current Ratio (CR), and Debt to Equity Ratio (DER) on stock prices during the period 2015–2025. The research employed a quantitative explanatory approach using quarterly financial statement and stock price data, resulting in 44 observations. Data were analyzed using multiple linear regression with HAC (Newey–West) standard errors to address autocorrelation issues in time-series data. Prior to hypothesis testing, classical assumption tests including normality, multicollinearity, heteroscedasticity, and autocorrelation tests were conducted. The findings reveal that Return on Assets (ROA) has a positive and significant effect on stock prices, indicating that profitability remains a key factor influencing investor valuation. Debt to Equity Ratio (DER) also demonstrates a positive and significant effect, suggesting that leverage is perceived as a strategic financing instrument supporting growth opportunities. In contrast, Current Ratio (CR) does not significantly affect stock prices, implying that liquidity information is less relevant to investors compared to profitability and growth prospects. Simultaneously, ROA, CR, and DER significantly influence stock prices, with an adjusted R² of 72.49%. The study contributes to the literature by highlighting the differing relevance of financial ratios in technology-driven firms and supports Signaling Theory, Trade-off Theory, and Adaptive Market Hypothesis in explaining investor behavior during periods of technological transformation.

The Influence of Lifestyle and Perceived Ease of Use of Shopee PayLater on Consumer Purchase Decisions Rhika Sindi Amelia; Ahmad Johan; Taufik Sadikin
Journal of Educational Management Research Vol. 5 No. 4 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i4.2385

This study aims to analyze the influence of lifestyle and perceived ease of use of Shopee PayLater on consumer purchase decisions. A quantitative approach with descriptive and verificative methods was employed in this research. Data were collected through questionnaires distributed to 100 respondents selected using purposive sampling techniques. The data were analyzed using validity and reliability tests, classical assumption tests, multiple linear regression analysis, and hypothesis testing with SPSS software. The findings reveal that lifestyle has a positive and significant effect on purchase decisions. Furthermore, the perceived ease of use of Shopee PayLater demonstrates a stronger positive and significant influence on purchase decisions. Simultaneously, both variables significantly affect purchase decisions and contribute substantially to explaining consumer purchasing behavior. The study implies that digital payment providers and e-commerce platforms should enhance user-friendly payment features and align their marketing strategies with consumers’ lifestyle trends to encourage purchasing decisions. These findings also contribute to the development of consumer behavior and financial technology research in the digital commerce context.

The Impact Of Digital Sop Implementation On Transaction Process And Operational Efficiency: A Case Study Of Indomaret Stores In West Java Adi Praptika Jaya; Taufik Sadikin
YUME : Journal of Management Vol 9, No 2
Publisher : Pascasarjana STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/yume.v9i2.11424

This study aims to analyze the effect of digital Standard Operating Procedure (SOP) implementation on transaction processes and operational efficiency at Indomaret stores in West Java. The research method employed an explanatory quantitative approach with a cross-sectional survey design involving 250 operational employee respondents from 45 stores. Data collection was conducted through closed questionnaires based on a 5-point Likert scale, with multiple regression analysis and Sobel mediation test. The results indicate that digital SOP has a positive and significant effect on transaction processes (β = 0.621; p < 0.001; R² = 0.386) and operational efficiency (β = 0.548; p < 0.001; R² = 0.312). Transaction process was proven to partially mediate the relationship between digital SOP and operational efficiency (Z = 4.12 > 1.96; R² = 0.497). These findings confirm that operational procedure digitalization is a determining factor in improving modern retail operational performance through transaction acceleration and resource optimization.Keywords: digital SOP, transaction process, operational efficiency, modern retail, Indomaret

Financial Behavior: Menilai Peran Literasi Keuangan Dan Penggunaan E-Wallet Pada Mahasiswa Dimas Anggia; Taufik Sadikin; Ahmad Johan
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 7 No. 5 (2026): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/msej.v7i5.11027

The rapid development of digital financial technology has significantly transformed consumption behavior, particularly among university students as a highly adaptive group to technological advancements. The emergence of e-wallets, supported by transactional convenience and promotional incentives, has the potential to increase consumptive behavior, while financial literacy is theoretically expected to act as a control mechanism. However, the inconsistency between financial knowledge and actual behavior indicates a behavioral gap that requires further investigation. This study aims to examine the effect of financial literacy and e-wallet usage on students’ consumptive behavior. A quantitative approach with descriptive and verificative designs was employed, using questionnaire data collected from 110 respondents and analyzed through multiple linear regression. The results indicate that financial literacy is categorized as good, e-wallet usage is high, and consumptive behavior is moderately high. Partially, financial literacy does not have a significant effect, whereas e-wallet usage has a positive and significant effect on consumptive behavior. Simultaneously, both variables have a significant effect with a coefficient of determination of 19.5%. These findings highlight the dominant role of financial technology over cognitive factors and reinforce the existence of a knowledge–behavior gap.

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